Agmt03 City of Belmont - Laserfiche WebLink

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necessity in connection with the Lucas Trust property (with approval of the State), no later than one hundred and twenty (120) days from the date the Redwood City Council approves this Agreement. Belmont has contracted with the County of San Mateo to act as the Right of Way Agent for Belmont. The estimated cost of this acquisition is Seven Hundred and Fifty Thousand Dollars ($750,000), and Belmont has deposited this amount in escrow. Within five days of the date this right of way transaction is complete, Belmont will transfer any escrowed funds that are not expended or that are refunded to Belmont in connection with the right of way transaction to Redwood City for use in connection with the Project. 2. To comply with all other requirements of the State Cooperative Agreement in acquiring right of way and/or property required for the Project. 3. To cooperate with Redwood City in finalizing the design of the Project, including but not limited to providing any comments or responses related to the design in a timely manner that does not interfere with the schedule for the Project. 4. A. To assign to Redwood City the following contracts for planning, engineering and other professional services in connection with the Project: i) Mark Thomas & Co. for engineering design and construction administration services, dated March 29, 1999. ii) The County of San Mateo for land acquisition services, dated April 3fa, 2001 and as modified in Amendment One to change the expiration date of the agreement from December 31, 2002 to December 31, 2004. B. To provide complete copies of the agreements listed in Article I(A) of Section II to Redwood City upon execution of this agreement. C. To pay all amounts due for services performed under the contracts described in Article 4(A) of Section II above prior to the date these agreements are assigned to Redwood City. Immediately following execution of this Agreement, Belmont shall provide an accurate, up to date accounting of all invoices received and payments made in connection with these contracts through the date of the assignment. 5. To contribute funds to the Project in an amount of not less than Two Million Dollars ($2, 000,000), as follows: A. From the City of Belmont Roadway Improvement Fund in an amount not to exceed One Million Dollars ($1,000,000.00). B. From the Oracle Base Contribution in an amount not to exceed One Million Dollars ($1,000,000.00), plus any and all interest these funds have earned up through the date of this Agreement and any and all interest these funds generate in the F:Atty/Agr/Agr.149 080503 L.BECK 5